Oil prices rose to a three-year high on Wednesday as ongoing antigovernment protests in Iran and a blast of cold weather raised concerns about potential supply disruptions.

Light, sweet crude for February delivery gained $1.26, or 2.1%, to $61.63 a barrel on the New York Mercantile Exchange, the highest settle value since December 2014. Brent, the global benchmark, advanced $1.27, or 1.9%, to $67.84 a barrel.